Ford has signed an agreement with Anhui Zotye Automobile Co., Ltd., a manufacturer of EVs in China, to produce electric vehicles for Chinese buyers. The two companies signed a Memorandum of Understanding to explore the possible joint venture.
According to Ford, the goal of the MoU is to explore the establishment of a joint venture for the development, production, marketing and servicing of a new line of all-electric passenger vehicles in China. China is now one of the fastest growing markets for green vehicles and Ford expects the market for the new energy vehicles (NEVs) to grow to six million units a year by 2025.
“The potential to launch a new line of all-electric vehicles in the world’s largest auto market is an exciting next step for Ford in China,” said Peter Fleet, Ford group vice president and president, Ford Asia Pacific. “Electric vehicles will be a big part of the future in China and Ford wants to lead in delivering great solutions to customers.”
Zotye is already making headlines in China, since it was one of the first companies to produce all-electric passenger vehicles in China. Through July of this year, Zotye sold more than 16,000 electric vehicles, an increase of 56 percent from last year.
“The MoU between Zotye Auto and Ford opens the door for us to explore our cooperation in the development of clean energy vehicles,” said Jin ZheYong, chairman and president, Anhui Zotye Automobile Co., Ltd., based in Huangshan, Anhui province “This presents us with an exciting opportunity to leverage each other’s strengths in achieving a win-win situation for both parties’ growth in the fast-evolving Chinese electric vehicle market.”